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New home sales ticked up in January, despite a twin burden imposed by elevated mortgage rates and expensive housing prices, according to U.S. Census data released on Monday.
Prior was 664K (revised to 651K)
Sales up +1.5% vs +8.0% prior
Supply at 8.3 months vs 8.3 months prior
Median sale price $420.7K vs $432.1K a year ago
Mortgage-purchase applications fell 10% from a week earlier, data from the Mortgage Bankers Associatio...

- Home prices rose 4.8% nationally in October compared with October 2022, according to the S&P CoreLogic Case-Shiller home price index.
- That’s a jump from the 4% annual increase in September and marks the strongest annual gain seen in 2023.
- Among the top 20 cities, Detroit reported the largest year-over-year gain in home prices at 8.1% in October.
Home prices rose 4.8% nationally in October com...

The new normal for Commercial Real Estate (CRE):
Properties are selling for less than half of what they were worth just 5 years ago.
A downtown Los Angeles office building that sold for $92.5 million in 2018 just sold for $44.7 million.
2 days ago, the Aon Center, Los Angeles' third largest building, sold for 45% less than its last purchase price in 2014.
All as real estate giants like WeWork file bankruptcy and flood the market with supply.
The strength of housing continues to mask the weakness...

Home prices are so high that when combined with current mortgage rates, the required payments are out of reach for most Americans. in some cities, demand remains high in spite of the cost, making some housing markets even more competitive than others.
To determine which are the most competitive housing markets in America, GOBankingRates sourced mean days to pending and for-sale inventory in metro areas across the U.S. from Zillow Re...

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.9% annual change in September, up from a 2.5% change in the previous month. The 10-City Composite showed an increase of 4.8%, up from a 3.0% increase in the previous month. The 20-City Composite posted a year-over-year increase of 3.9%, up from a 2.1% increase in the previous month. ...

With existing home sales collapsing to their lowest SAAR since 2010, new home sales are the only pillar left holding up any hope in the US housing market. However, with housing affordability at its lowest since at least the early 1980s, it's no surprise that analysts expected new home sales in October to tumble 5.0% MoM
The Mortgage Bankers Association's index of home-purchase applications tumbled to 120 - the lowest level since 1995 - as mortgage rates hit 8% f...

U.S. existing home sales dropped to the lowest level in more than 13 years in October as the highest mortgage rates in two decades and a dearth of houses drove buyers from the market.
Key Highlights
- Existing-home sales descended 4.1% in October to a seasonally adjusted annual rate of 3.79 million. Sales slumped 14.6% from one year ago.
- The median existing-home sales price climbed 3.4% from one year ago to $391,800 – the ...